Cell phone recycler ReCellular lands venture capital investment from Beringea
Ann Arbor-based cell phone recycling firm ReCellular has secured a venture capital investment from the global investment firm that's managing the InvestMichigan! Growth Capital Fund.
Beringea said this morning that it had invested in ReCellular, which has some 280 employees at its headquarters in Ann Arbor and manufacturing operation in Dexter. It was the 17th investment for the InvestMichigan Growth Capital Fund, a $185 million pool of state pension dollars that Beringea is investing in Michigan companies on behalf of the state.
The size of the investment was not disclosed, but officials said in a press release that it would "fund ReCellular's rapid growth and expansion into the global marketplace."
ReCellular collects some 400,000 mobile phones a month, refurbishes and resells about 70 percent of them and recycles most of the rest of the remaining materials, according to today's release.
"We are excited to partner with Beringea in building upon our nearly 20-year heritage in Michigan," ReCellular CEO Steve Manning said in a statement. "This investment will allow us to increase both the volume of phones we keep out of landfills and our contribution to Michigan's recovery."